Slow Trade
S&Ps are trading at 1145.80 in a slow trade with the market in a range of roughly 1146 to 1143. The market appears to be consolidating in this area before deciding the direction of an afternoon move.
As we said in the Morning Meeting, Consumer Confidence would be released today and would likely impact the market. Indeed, it did. A strong Consumer Confidence report took the S&Ps up to 1148.5.
Nasdaq futures trading at 1459 after making several retests of 1460, but was unable to find much fresh buying at higher levels. The market has been led higher on strength in the
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PowerRating). On the downside, we have support at 1444-1446.
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